Moneycontrol
Last Updated : Feb 26, 2016 11:16 AM IST | Source: Moneycontrol.com

India‘s first Sharia compliant company gets BSE SME approval

Mumbai-based Octaware Technologies Limited (OTL) which had filed its Draft Prospectus with BSE on December 30, 2015 has received BSE approval on February 24, 2016 for its maiden IPO of Rs. 11.11 crore on the SME Exchange.

Mumbai-based Octaware Technologies Limited (OTL) which had filed its Draft Prospectus with BSE on December 30, 2015 has received BSE approval on February 24, 2016 for its maiden IPO of Rs. 11.11 crore on the SME Exchange. The Issue would be of  11,11,200 equity shares of Rs. 10 each for cash offered at a price of Rs. 100 per share. The net Issue will constitute 25.17% of the post-issue paid up capital of the company. The IPO is being Lead Managed by Aryaman Financial Services Limited. Aryaman Financial was the first merchant banker to list a company on SME Exchange in India.

Once listed, OTL would be the first listed company in India that is fully compliant to Sharia laws. It maintains an ongoing review of all of its business activities and third party agreements. The company has appointed a Sharia consultant to oversee the compliance of the Company’s operations.

OTL is a software development, enterprise solutions and consulting firm engaged in the business of providing a range of IT solutions across Healthcare, Education and Financial Services sectors. The Company has developed deep know-how in innovative technology trends, and has applied this knowledge building proprietary products such as PowerERM – Employee Relationship Management, Hospice – Healthcare Solution and iOnAsset – Asset Tracking & Management System etc. with flexible deployment models on-cloud, on-premises and hybrid options. As a proof of their focus on innovative solutions, it received Red Herring Asia Top 100 award in 2010, Deloitte Technology Fast 50 award in 2011 and Global IT Architecture Excellence Award in 2013.

Promoted by IT Professionals, Mr. Aslam Khan and Mr. Sajid Hameed, OTL manages its overseas business through its two subsidiaries Octaware Gulf FZE and Octaware Information Technologies Pvt. Ltd. registered at UAE and India respectively. The operations for United States are supported by Octaware Technologies LLC which is registered in Washington. OTL also operates through various business partners having marketing offices in Qatar, Singapore, Saudi Arabia, Nigeria and Zimbabwe.

It is in the process of acquiring another firm in the United States and awaiting relevant RBI and other approvals. The proceeds from the IPO would be utilized largely for investments in its two subsidiaries for strengthening the company to leverage opportunities in Indian and overseas markets. The company is SEI-CMMI Level 3, ISO 9001:2008 and IEC 27001:2005 certified and rated “SE-2A” High Performance Capability and High Financial Strength by NSIC CRISIL.

Explaining the Sharia law compliance, Mr. Aslam Khan, Chairman and Managing Director, Octaware Technologies Limited said, “BSE Listing represents an important milestone for Octaware and our vision to serve, add value and create growth not only for the individuals and businesses, but for society as well.” He added, “We are extremely pleased to be the First fully Sharia compliant IT Company to be listed on BSE.  We believe that compliance to Sharia laws will help us in retaining our values and guide us in doing the right thing while dealing with our customers, employees, partners and other stakeholders.”

OTL Board of Directors and Advisors comprises of leading figures in the region's economy, many of whom have had extensive experience in the IT sector and more specifically with investment banking and finance industry. Their combined experience will bring added depth and insights to the Board and enable it to steer company's ambitious growth plan.
First Published on Feb 26, 2016 11:16 am
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